Euro Area Inflation Overview for November 2024

According to a flash estimate by Eurostat, euro area annual inflation is projected to rise to 2.3% in November 2024, up from 2.0% in October 2024.

Key Inflation Components

1. Services: Expected to have the highest annual rate at 3.9% (down slightly from 4.0% in October).

1. Food, Alcohol & Tobacco: Estimated at 2.8%, a slight decrease from 2.9%.

1. Non-Energy Industrial Goods: Predicted to rise to 0.7% from 0.5%.

1. Energy: Projected at -1.9%, an improvement from -4.6% in October.

• Germany: Stable at 2.4%.

• France: Gradual increase to 1.7% from 1.6%.

• Spain: Estimated at 2.4%, reflecting no monthly change.

• Malta: Inflation steady at 2.3%, with a notable monthly decline of -3.0%.

• Italy: Predicted increase to 1.6%, up from 1.0% in October.

• Energy shows the most significant recovery, moving closer to positive territory.

• Services and food-related sectors remain the key contributors to inflation.

The Harmonized Index of Consumer Prices (HICP) reflects variability across sectors and countries. Notably:

The slight rise in the euro area's inflation indicates a mixed economic scenario, with persistent pressures in services and food sectors counterbalanced by improving energy costs. Country-level divergences suggest varied economic dynamics across the bloc.

For detailed data, refer to Eurostat's latest report.